BackDeals Buzz: UltraTech to raise Binani bid by Rs700 crore
In other news, Grab, the ride-hailing service in South-east Asia, is close to finalizing a deal to acquire Uber business in the region and may sign a deal this week or next
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Mumbai: Mint brings to you a daily dose of top deals reported by newsrooms across the country.
Uber founder Travis Kalanick announces new investment fund
Uber Technologies Inc. founder Travis Kalanick, who was ousted from his role as the ride-hailing giant’s chief executive last year, has started a new venture investment fund called 10100, which will look to invest in emerging technologies in countries such as India and China, among other things, Travis tweeted on Thursday, reports Mint. Read more
Debt-laden Videocon Industries to sell off stakes in Brazil oil blocks
Videocon Industries Ltd plans to raise as much as Rs30,000 crore by selling its stakes in oil blocks in Brazil, as part of the debt-laden company’s plan to repay bank loans, reports Mint. Read more
Bandhan Bank IPO launch on 15 March
Kolkata-based Bandhan Bank Ltd on Thursday said it will launch its Rs4,470 crore initial public offering (IPO) on 15 March. Bandhan Bank has set a price band of Rs370-375 per share for its IPO. At the upper end of the price band, the share sale values the lender at Rs44,730 crore. Read more
Venture Gurukool to launch a $20 million venture capital fund
Venture Gurukool, a mentoring platform for early and growth stage ventures, is planning to launch its maiden fund called VG Coop Fund with a target corpus of $20 million towards the end of April, said founder Mahendra Swarup. Read more
SoftBank-backed Grab close to buying Uber’s South-east Asia business
Grab, the dominant ride-hailing service in South-east Asia, is close to finalizing a deal to acquire Uber Technologies Inc.’s business in the region and may sign a deal this week or next, reports Bloomberg, citing people familiar with the matter. Read more
HDFC revises CAMS stake sale deal with Warburg Pincus
Mortgage lender Housing Development Finance Corp. Ltd (HDFC) has revised its stake sale plan in Computer Age Management Services Pvt. Ltd (CAMS) to Warburg Pincus and will now sell only 5.1% of holdings to the latter, HDFC said in a stock exchange filing. Read more
UltraTech to raise Binani bid by ₹ 700 crore
Aditya Birla Group-owned UltraTech Cement will increase its bid for Binani Cement by Rs700 crore to Rs7,200 crore, even as the bankrupt company’s committee of creditors on Wednesday approved the offer by a consortium of Dalmia-Piramal and Bain, reports The Economic Times. Read more
IFCI to sell stakes in NSE, CCIL, clean up NPAs in revival plan
Grappling with more than 26% non-performing assets (NPA) on its books as well as losses, state-owned lender IFCI Ltd is planning to sell its stakes in National Stock Exchange (NSE) and Clearing Corp. of India (CCIL), and focusing on recovery and resolution of stressed assets via the insolvency and bankruptcy code are the priorities, E.S. Rao, managing director and chief executive officer, said in an interview with Mint. Read more
Foxconn gets China go-ahead for Shanghai IPO of subsidiary
China has approved the Shanghai listing of an internet and industrial-focused subsidiary of Taiwan’s Foxconn, which the world’s largest contract electronics manufacturer hopes will help fund new projects, reports Reuters. Read more
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